St James's Place, the UK's largest wealth manager, said it is continuing to work with regulators over potential fee cuts in the wake of new rules to ensure fair value for investors.

The £150bn financial advice behemoth said earlier this year that the Financial Conduct Authority's consumer duty, which came into force on 31 July, had pushed it to cap fees for some long-term clients at 0.85%, down from 1% —  an £859m cost to the firm that sent shares tumbling.